Both academics and business experts raised concerns of ‘unintended consequences’ of audit reforms to the business, energy and industrial strategy (BEIS) committee, with broad disagreement over whether the changes should be led by government or business, reports James Bunney

The European Court of Auditors (ECA) wants EU legislators to intervene and ensure the European Central Bank (ECB) allows full access to documents for audits related to banking supervision, arguing that the current position prevents them from carrying out their work properly

The Financial Reporting Council (FRC) has issued a four-week consultation on the fee structure for third country auditors (TCA) in the event of a no-deal Brexit, although it has indicated that the current fee structure is unlikely to change

In this month’s round-up of audit news, the Competition and Markets Authority releases its initial findings into the lack of competition in the listed audit market with the Big Four under fire, while the Kingman review questions to competency of the audit regulator, while Patisserie Valerie drops Grant Thornton in auditor switch to RSM

US firm Crowe has agreed to pay a penalty of $1.5m (£1.18m), after the Securities and Exchange Commission (SEC) identified significant failures in audits of Corporate Resource Services, which went bankrupt in 2015 after the discovery of $100m in unpaid federal payroll tax liabilities

Two auditors have been reported to their professional body in the wake of the Charity Commission’s follow-up report on auditors’ compliance with the requirements for reporting matters of material significance, with the regulator warning it may take similar action without prior warning in future

Donald Brydon, outgoing chair of the London Stock Exchange Group and chair of Sage Group has been appointed to lead a new independent review of the quality and effectiveness of the UK audit market, in the wake of the Kingman review and the Competition and Markets Authority’s (CMA’s) interim findings, following a nine-month search for an independent chair

Launching the Wates corporate governance code for large private companies, James Wates praised the work done but admitted that the future involvement of the Financial Reporting Council (FRC) was overshadowed by the impending publication of the Kingman review into the regulator

Companies house has issued guidance that United Nations (UN) sanctions have led to extra checks on applications to register some corporate bodies in order to ascertain if ‘designated persons’ (DPs) are involved

Companies listed on the Alternative Investment Market (AIM) have enhanced their corporate governance disclosures since a new rule change came into effect in September 2018 requiring them to demonstrate adherence to a recognised code, but there is still room for improvement, according to a progress review

In our monthly roundup of key audit and government news, call for changes to audit profession as it remains 'black box' to outsiders, ISA 315 amendments unsuitable for SMEs, FRC chief Haddrill quits, PwC lands Air Partner audit and Redrow business moves to KPMG

A failure to reform the audit market means that the government is likely to take a hard line with audit firms and revive the principles of 'true and fair', warns Emile Woolf FCA

The Financial Reporting Council (FRC) is to hear a formal complaint against KPMG and partner David Costley-Wood over allegations of misconduct related to work in 2011 with the UK’s largest bed and mattress manufacturer, Silentnight

The Financial Reporting Council (FRC) is to investigate Grant Thornton’s auditing of Patisserie Holdings, the parent company of upmarket high street cake chain Patisserie Valerie, and will also examine the information provided by ICAEW member Christopher Marsh, its former chief financial officer

Considering whether an entity can qualify for an audit exemption can be complex. As the audit busy season approaches, Anne Cowley ACA cuts to the key requirements